📄 Research Article
CJBF Vol. 2, No. 2 (2022)
Nigeria’s Economy and the African Continental Free Trade Agreement: Issues and Prospects
Nwisienyi Kenechukwu JohnPaul 1 & Okonkwo Ikeotuonye Victor 2
1 Nwisienyi is a Doctorate degree student in the Department of Banking and Finance, Nnamdi Azikiwe University, Awka, Anambra State Nigeria and a teaching staff in the Department of Banking and Finance, Federal Polytechnic Oko Anambra State, Nigeria. His research interests include Foreign Direct Investment, Financial Inclusion and Capital Market.
2 Okonkwo is a Professor of Financial and Risk Management in the Department of Banking and Finance, Nnamdi Azikiwe University, Awka, Anambra State, Nigeria and of Insurance and Risk Management Department of Enugu State University of Science and Technology Enugu Nigeria. His research interests include Economic development, Stock Market Operations, Risk Management, Insurance and Financial Management
2 Okonkwo is a Professor of Financial and Risk Management in the Department of Banking and Finance, Nnamdi Azikiwe University, Awka, Anambra State, Nigeria and of Insurance and Risk Management Department of Enugu State University of Science and Technology Enugu Nigeria. His research interests include Economic development, Stock Market Operations, Risk Management, Insurance and Financial Management
Open Access
Peer Reviewed
Research Article
Abstract
The African Continental Free Trade Agreement was established by the African Union to eliminate trade barriers and foster a trading relationship that will promote socio-economic growth and deepen the economic integration of the member countries. The trade agreement was established in solidarity with the Regional Economic Communities that were in existence long before it came to light. The trade was officially kicked off on the 1st of January, 2021 and the effects are yet not felt in Nigeria’s economy. Studies have shown that the trade agreement has the potentials to positively affect economies of member countries including Nigeria. Some analysts believe that there is a silver lining to this trade agreement for Nigeria, others have outlined that the deplorable state of the Nigeria’s manufacturing sector, the mono-economic nature of the Nigeria’s economy, trade policy restrictions, among other things, have made the country not yet ready to maximize the benefits of the trade agreement. It is recommended among those that the manufacturing sector should be restructured and steps should be taken to diversify the economy of Nigeria so as to reap the benefits of the trade agreement.
Keywords:
Free trade agreement, Economy, Economic integration, African Union, Trade
📑 How to Cite This Article
APA 7th Edition:
Nwisienyi Kenechukwu JohnPaul, Okonkwo Ikeotuonye Victor (2022). Nigeria’s Economy and the African Continental Free Trade Agreement: Issues and Prospects. Contemporary Journal of Banking and Finance, 2(2), 17-35. https://doi.org/
Nwisienyi Kenechukwu JohnPaul, Okonkwo Ikeotuonye Victor (2022). Nigeria’s Economy and the African Continental Free Trade Agreement: Issues and Prospects. Contemporary Journal of Banking and Finance, 2(2), 17-35. https://doi.org/
Vancouver Style:
Nwisienyi Kenechukwu JohnPaul, Okonkwo Ikeotuonye Victor. Nigeria’s Economy and the African Continental Free Trade Agreement: Issues and Prospects. Contemp. J. Bank. Finance. 2022;2(2):17-35. DOI:
Nwisienyi Kenechukwu JohnPaul, Okonkwo Ikeotuonye Victor. Nigeria’s Economy and the African Continental Free Trade Agreement: Issues and Prospects. Contemp. J. Bank. Finance. 2022;2(2):17-35. DOI:
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